Life Insurance is there to protect you and will pay out a lump sum if you were to die. It’s never as simple as just taking out a policy – everyone’s circumstances are different.

Whether it is to protect your mortgage or provide family cover, the first step to getting the right policy is to speak to our advisor.

Some life insurance plans pay upon earlier confirmation of a terminal illness where the prognosis is death within 12 months. It can pay out as a lump sum, or as income for the remainder of the policy term. Cover can last for a set term called Term Assurance, or can last throughout life, called Whole of Life.

The amount of cover can remain the same or increase / decrease annually. Level term assurance stays the same throughout. Decreasing cover is sometimes used to cover a reducing debt, such as a repayment mortgage and usually assumes a given interest rate. Provided your mortgage rates don’t exceed that rate, then the cover should reduce at around the same rate as the mortgage. The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable.

Reviewable cover normally changes based on the claims experience of the life assurance company. The plan will cease at the end of the term. If premiums are not maintained, then cover will lapse.

Let us do the heavy lifting, book your chat today.